Education Spending Tops W40 Trillion

      March 30, 2009 11:18

      Despite the recession, Korean households' education spending reached a record W40 trillion last year, up more than W3 trillion from the previous year (US$1=W1,349). Private education spending stood at some W19 trillion, accounting for nearly a half, or 47 percent, of all education spending.

      According to income statistics for 2008 released by the Bank of Korea, the education spending of all households in the country amounted to W39.88 trillion last year, up W3.01 trillion on-year. If that is divided by the number of all households (16.67 million as of 2008 according the National Statistical Office), the result is that each household spent W2.4 million for education last year.

      Education spending has doubled since 2000, when a total of W17.55 trillion was spent. It accounted for 7.5 percent of each household's total expenditure. Total domestic personal consumption expenditure was W534.5 trillion.

      The ever-increasing portion of education spending in household expenditure reflects parents' zeal to give their children an advantage in life. They do not want to cut education spending despite economic difficulties. Their burden has become heavier as college tuition fees rose.

      The portion of spending on private education has skyrocketed from 35.1 percent in 2000 to 47 percent in 2008. The total was W18.72 trillion last year, up W1.33 trillion on-year.

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